The far eastern region ,that encompasses one third of russia’s territory, holds immense economic wealth and strategic importance. Therefore, the Asian nations are racing towards leveraging the benefits of the region.
Significance of Russia’s far eastern region:
* It is an area rich in natural resources ranging from:
* Natural gas
* Other minerals
* The population of the region is sparse giving lot of potential to Asian nations like india to supply its human resource and create economic opportunities for its population while exploring the resources of the region.
* The region can also act as gateway for russia’s movement towards Asia and Asia’s movement towards Russia and the Arctic maritime routes.
To leverage these economic and strategic benefits India is trying to engage with the region in following manner:
1. In 2019, india offered a $1 Billion line of credit to develop infrastructure in the region
2. Business representatives of Gujarat and the republic of Sakha have launched agreements in the diamond and pharmaceuticals industry.
The need going forward for India is to deepen its engagement with russia’s far east by channeling more investments and Human Resource into the region. Para diplomacy can be utilised to increase economic connect with the region.